The high-value property market in Monaco and the South of France is notoriously competitive. With the average price per square metre sitting at €42,000 in Monaco, securing the best possible mortgage terms is crucial. As well as removing the need for a traditional wealth management relationship, the product is also open to borrowers of all nationalities including Americans and those from CIS countries who often will find it harder to secure lending.
Traditionally, borrowing in France and Monaco has been incredibly cumbersome for clients, as banks require assets under management to secure mortgage terms. Clients of Enness now have exclusive access to this bank’s unique lending product that does not require any assets under management for properties up to €5million. This is an incredibly attractive offer for a huge portion of our client base.
Enness and the lender in question share strongly forged ideals of individually tailored client service, attention to detail and innovative problem-solving ability to perfectly cater to our discerning clients’ needs.
The mortgage market in Monaco and prime France is split into two distinct camps: the retail lenders who have rigid criteria and a low appetite for complexity; and the Private banks where assets under management are often a leading point of the credit process.
This product fits nicely in-between these two channels. It will meet the needs of many high net worth and global clients who wish to purchase or refinance their French and Monaco real estate but may not wish to place AUM with a Monegasque bank.
This product is also greatly beneficial for clients looking to move their mortgage from a French bank as we can potentially “novate” loans without incurring large transfer fees. This is the same for Monaco banks as they are considered to be in the same financial and legal jurisdiction as the rest of France.
The lender in question will view every application on a case-by-case basis. They have a long pedigree in deal-making, especially with international clients who have complex income streams. The product is also open to borrowers of nationalities including US clients and those from CIS countries who often will find it harder to secure lending.
Enness’ specialist, multi-lingual team based in London, Dubai, France and Monaco are ready to assist with your mortgage process.